منابع مشابه
Outside Versus Inside Bonds
When agents are liquidity constrained, two options exist — borrow or sell assets. We compare the welfare properties of these options in two economies: in one, agents can borrow (issue inside bonds) and in the other they can sell government bonds (outside bonds). All transactions are voluntary, implying no taxation or forced redemption of private debt. We show that any allocation in the economy ...
متن کاملOutside versus inside bonds: A Modigliani-Miller type result for liquidity constrained economies
When agents are liquidity constrained, two options exist sell assets or borrow. We compare the allocations arising in two economies: in one, agents can sell government bonds (outside bonds) and in the other they can borrow (issue inside bonds). All transactions are voluntary, implying no taxation or forced redemption of private debt. We show that any allocation in the economy with inside bonds...
متن کاملInside versus outside ownership: a political theory of the firm
If contracting within the firm is incomplete, managers will expend resources on trying to appropriate a share of the surplus that is generated. We show that outside ownership may alleviate the deadweight losses associated with such costly distributional conflict, even if all it does is add another level of conflict. In case managers have to be provided with incentives to make firm-specific inve...
متن کاملData on the Outside Versus Data on the Inside
Recently, a lot of interest has been shown in SOA (Service Oriented Architectures). In these systems, there are multiple services each with its own code and data, and ability to operate independently of its partners. In particular, atomic transactions with two-phase commit do not occur across multiple services because this necessitates holding locks while another service decides the outcome of ...
متن کاملOutside and Inside Liquidity∗
We consider a model of liquidity demand arising from a possible maturity mismatch between asset revenues and consumption. This liquidity demand can be met with either cash reserves (inside liquidity) or via asset sales for cash (outside liquidity). The question we address is, what determines the mix of inside and outside liquidity in equilibrium? An important source of inefficiency in our model...
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ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 2008
ISSN: 1556-5068
DOI: 10.2139/ssrn.1135112